Elon Musk Says Tesla Open To Increase Bitcoin Holdings

Elon Musk’s Tesla Sold $936 million worth of bitcoin in the second quarter.

Bitcoin’s price fell as low as $23,268 after Tesla released in its Q2 report.

[{"selector":"#anim-dba4b4df-ecb7-418e-88a0-9e4d4f44c571 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(62.49999977245145%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2200,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e7933531-5090-4a81-8e06-37e89059c481","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-3b9e985f-6b14-4f16-9182-49f42c9d0d1f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Tesla revealed that it sold off 75% of its bitcoin holdings.

[{"selector":"#anim-80ce639f-3a22-4cb4-9ec1-f583a0c2a51d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ed9f4622-4dbc-45f7-94a2-9b9b1a69fcad","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-80bd83c9-749a-4722-9715-94632f0a2d81","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-77fbf9c7-1d57-417d-8422-1c7122674f9e","keyframes":{"transform":["translate3d(94.52954%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Despite selling off the majority of its bitcoin holdings, Elon Musk is still positive on bitcoin.

[{"selector":"#anim-a90e2327-270e-4256-a632-e4a573238813","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-151709b8-9f6f-478b-bcfc-512484485698","keyframes":{"transform":["translate3d(95.18599%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e36d8e4b-13a2-47fe-a879-f41ac0c500b7","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6d59d014-6754-4794-859f-94fe0eb38ee3","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

"We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin,” Musk said.

[{"selector":"#anim-a5de062c-dc74-4cae-91da-e828f531f5cf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-47.096763102060144%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8351c78a-4096-435b-9eef-ef32ef3a62e8","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-596715b5-90e5-4bba-a1f9-dd470ee272f4","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Tesla CEO explained that they needed to maximize their cash position.

[{"selector":"#anim-e680a7e5-b835-4887-8765-fb8403b819e5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-57.3022898021547%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c00b9fe2-20a5-4ee7-99b3-7937bcffa1de","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b96329db-f98a-458b-8e87-f16ebce9e3d0","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

It's just that we were concerned about overall liquidity for the company, Musk further noted.

[{"selector":"#anim-a4f28ba3-18ad-42b4-a33c-55cd8d7553e6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(21.874999829338595%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-c13e7a41-15ba-4e01-a20e-74b663e946e4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-19be8200-0374-4cd6-9699-41610aeac606","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}]

Musk added that Tesla did not sell any of its dogecoin, a meme-based cryptocurrency that he has touted.

[{"selector":"#anim-393b7136-a6e4-475f-9199-da435d4d7ce3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-19e8551d-afaf-48a2-8314-22a0c9a81bc2","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d2704477-2f77-4c12-bc4e-f9cf52a8f0b0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6185b879-58a5-4aaa-a9fc-9a8014199f9f","keyframes":{"transform":["translate3d(-94.32773%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8fc56393-64f6-4187-a0d8-6a9a236d645e","keyframes":{"transform":["translate3d(-196.72129%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-09d31a74-7249-4d29-a62b-5f06ce787a70","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More crypto stories...